CHAPTER 9 Getting to the Finish Line o the Finish Line
FINTRAC in Canada - Its mandate is to facilitate the detection, prevention and deterrence of money laundering and the financing of terrorist activities, while ensuring the protection of personal information under its control. This means if you are buying Real Estate in Canada, you will be required to prove who you are and where you live. You also must prove the origin of your funds. If you do not cooperate all agents in Canada are required not to participate in the transaction. This information must be provided to both your Real Estate Agent as well as the lawyer you work with. Real Estate Agents are required to verify your identity so if they can't be with you in person you will be required to send two pieces of identification.
Home Warranty
You probably were not aware that you can actually obtain home warranty on resale homes. Wouldn't it be nice to have a little peace of mind that you won't be on the hook to pay for a large expense like a furnace going out in the middle of winter in your first year as a homeowner? I'm a big fan of home warranty and I recommend it for all my clients. Feel free to reach out to me for information if you would like to learn more about this benefit.
Removal of Conditions
Congratulations, now that the lender has given you their approval and your due diligence has been completed you have a firm sale. FYI whatever you do don't buy anything on credit now until after you take possession, the lender can still pull your credit score right up to possession day. 86
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